(2) Requests.

1. (i) A depository institution shall provide account disclosures to a consumer upon request. If a consumer who is not present at the institution makes a request, the institution shall mail or deliver the disclosures within a reasonable time after it receives the request and may provide the disclosures in paper form, or electronically if the consumer agrees.

2. (ii) In providing disclosures upon request, the institution may:

   1. (A) Specify an interest rate and annual percentage yield that were offered within the most recent seven calendar days; state that the rate and yield are accurate as of an identified date; and provide a telephone number consumers may call to obtain current rate information.
   2. (B) State the maturity of a time account as a term rather than a date.

   3. (b) Content of account disclosures. Account disclosures shall include the following, as applicable:

      1. (1) Rate information—(i) Annual percentage yield and interest rate. The “annual percentage yield” and the “interest rate,” using those terms, and for fixed-rate accounts the period of time the interest rate will be in effect.

      2. (ii) Variable rates. For variable-rate accounts:

         1. (A) The fact that the interest rate and annual percentage yield may change;
         2. (B) How the interest rate is determined;
         3. (C) The frequency with which the interest rate may change; and
         4. (D) Any limitation on the amount the interest rate may change.
         5. (2) Compounding and crediting—(i) Frequency. The frequency with which interest is compounded and credited.
         6. (ii) Effect of closing an account. If consumers will forfeit interest if they close the account before accrued interest is credited, a statement that interest will not be paid in such cases.

(3) Balance information—(i) Minimum balance requirements.

1. (A) Any minimum balance required to:

   (1) Open the account;

   (2) Avoid the imposition of a fee; or

   (3) Obtain the annual percentage yield disclosed.

2. (B) Except for the balance to open the account, the disclosure shall state how the balance is determined for these purposes.
3. (ii) Balance computation method. An explanation of the balance computation method specified in § 1030.7 of this part used to calculate interest on the account.
4. (iii) When interest begins to accrue. A statement of when interest begins to accrue on noncash deposits.

(6) Features of time accounts. For time accounts:

1. (i) Time requirements. The maturity date.
2. (ii) Early withdrawal penalties. A statement that a penalty will or may be imposed for early withdrawal, how it is calculated, and the conditions for its assessment.
3. (iii) Withdrawal of interest prior to maturity. If compounding occurs during the term and interest may be withdrawn prior to maturity, a statement that the annual percentage yield assumes interest remains on deposit until maturity and that a withdrawal will reduce earnings. For accounts with a stated maturity greater than one year that do not compound interest on an annual or more frequent basis, that require interest payouts at least annually, and that disclose an APY determined in accordance with section E of appendix A of this part, a statement that interest cannot remain on deposit and that payout of interest is mandatory.
4. (iv) Renewal policies. A statement of whether or not the account will renew automatically at maturity. If it will, a statement of whether or not a grace period will be provided and, if so, the length of that period must be stated. If the account will not renew automatically, a statement of whether interest will be paid after maturity if the consumer does not renew the account must be stated.